Oil prices jumped more than 3% on Thursday after Yemen’s Houthi rebels claimed missile and drone strikes on targets in Saudi Arabia including some operated by state oil giant Saudi Aramco, raising fresh fears over global energy supply disruptions.
Brent crude futures settled at about $106.60 a barrel, up 3.4%. US. West Texas Intermediate climbed 2.7% to $94.61, Reuters reported. Brent earlier traded over $108.
The Houthis said they hit a “sensitive target” in Riyadh and Aramco facilities in Yanbu, a major oil hub on the Red Sea. The group said the attacks “achieved their objectives successfully”, according to the Houthi-run Yemen News Agency.
Saudi authorities said air defences had intercepted six ballistic missiles fired toward the city of Taif and the area of Yanbu. There were no immediate official reports of major damage or casualties from the attacks.
The strikes come as oil markets are nervous about disruptions over the wider conflict involving Iran and uncertainty over the Strait of Hormuz.
“Diplomatic hopes are essentially helping oil prices weather the latest military strikes in the Middle East,” Tim Waterer, chief analyst at KCM Trade, told Reuters.
